Egis, majority owned by France's Servier is building a HUF 3.78 billion drug technology R&D base in Budapest, state secretary at the National Development and Economy Ministry Ábel Garamhegyi said at press conference on Tuesday.
The R&D base, which is being supported by the Hungarian Investment and Trade Development Agency (ITD Hungary), is expected to be completed in December 2010. More than HUF 200m in EU funding is going toward the project.
Twenty new research jobs will be created at the 3,500-square-metre base, which will be staffed by 70 people, said Egis CEO Péter Gál. The new base is expected to cut the time new products are brought to market by 15%, or about half of year, she added.
The base will increase by 50% the number of generic products Egis develops each year, Gál said. Until now, Egis has made 2-3 such products a year.
Egis spends an annual HUF 8 billion-9 billion on R&D each year. The company employs 2,600 people in Hungary. (MTI-ECONEWS)